An Agreement on enhancement of cooperation in Oil & Gas sector between India and the Russian Federation was signed on 21.12.2010 by Mr. Sergei Shmatko, Minister of Energy of the Russian Federation and Mr. Murli Deora Minister of Petroleum & Natural Gas, Government of India in the presence of the Prime Minister of India and President of the Russian Federation.
The Agreement recognizes that widening and deepening of bilateral cooperation in the field of oil & gas sector will promote economic and commercial ties between the two countries including socio-economic development and energy security of the Russian Federation and India, which is inextricably linked to the availability, accessibility and affordability of oil and natural gas.
The Agreement is effective for the period of three years and come into force from the date of signing and will be renewed automatically for periods of equal duration.
The Agreement is effective for the period of three years and come into force from the date of signing and will be renewed automatically for periods of equal duration.